24151 Meadowbridge Dr

Mount Clemens, MI 48035

$139,900D

2 bd · 1.5 ba · 1,452 sqft · Built 1979 · Condo · Active · 47 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,407/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$233
• HOA: −$255
• Vac / Maint / Mgmt: −$296
• Net cashflow: $-110/mo
• Annual: $-1,322/yr
• Cap rate: 5.35%
• Cash-on-cash: -3.37%
• DSCR: 0.85
• 1% rule: 1.01%
• Cash to close: $39,172

Investor read

• This is a 2-bed/1.5-bath condo listed at $140k. Condition is rated good.
• At list price, monthly cash flow is $-110 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $124k (11.4% below list).
• Meets the 1% rule at list price ($1k rent vs $140k).
• It's been on market 47 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $124k (11.4% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#120 in MI, #2,918 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D+, amenities D+, employment D-.
• L'Anse Creuse Public Schools (suburban): math 31% / reading 51% proficiency, ranked #184 of 540 in MI (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Tenniswood Elementary School (math 22% / reading 27%, grade F, #980 of 1,397 statewide, top 74%, 356 students, 73% FRL); Middle School South (math 26% / reading 46%, grade F, #269 of 493 statewide, top 56%, 389 students, 57% FRL); High School (math 24% / reading 50%, grade F, #334 of 713 statewide, top 51%, 1,246 students, 41% FRL) — zoned schools average 57% FRL vs 32% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.2%/yr); 175 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 1,321 units permitted in Macomb County in 2024 (86 in 5+ unit buildings).
• Macomb County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 7 sale attempts since 13y ago; this cycle's ask has dropped $20k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $50k; list at $140k implies a 180% gain — meaningful room to come down on a strong offer.
• Cap rate 5.3% vs local median 3.0% in Mount Clemens — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 47 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
• Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?